Meaning of “installment plan” in the English Dictionary

british dictionary

"installment plan" in British English

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installment plannoun [ C ]

uk /ɪnˈstɔːl.mənt ˌplæn/ us /ɪnˈstɑːl.mənt ˌplæn/ US UK hire purchase

a method of paying for something in which the buyer pays part of the cost immediately and then makes small regular payments until the debt is completely paid

(Definition of “installment plan” from the Cambridge Advanced Learner’s Dictionary & Thesaurus © Cambridge University Press)